Thr ongoing trade-war between China and the US seems to be never-ending. As per the latest update, US president Donald Trump has recently poured fuel into the trade war that has been going on with China. Recently, Trump has raised the tax by 25 percent on the second wave of goods worth $16 billion.
This raise in taxes came up as a move to fuel in the dispute that began between the two countries back in July. Are you aware that the US imports far more goods from China than the amount they export?
It seems like this move of Donal Trump to raise the tariffs can actually inflict a lot of damage to companies and consumers. Included in the list of good are motorcycles and aerials.
This was not the end of the story. In retaliation, China also imposed taxes on the same value of US products. These products include coal, medical instruments, buses, and cars. Well, this is not all that China is planning. As per the update, China is also planning on filing a complaint against the tariffs at the World Trade Organization that is responsible for resolving the global trade disputes.
China Planning on Counter-Attack
China’s commerce ministry has been reflecting its anger towards these raised tariffs by sending the warning signals of “counter-attack”. An initial complaint has already been filed at the WTO in July when Trump first decided to indulge in this trade issue. The US has been really busy starting wars with the countries these days. Along with China, Mr. Trump has also revised taxes on Mexico, Canada, and the EU encouraging people to buy American products.
The second round of tariffs come despite testimony to the US Trade Representative’s office by dozens of companies and industries in the US.
As per the latest update, these revised taxes will hurt their businesses. Not only this, they also warned that there is a good chance that they would not be able to absorb another rise in tariffs.
Let’s see what happens next.